Methods, apparatus, and systems for curve trading

ABSTRACT

The described technology displays, at a GUI, a graph of one or more financial curves having one or more actionable indicators indicative of one or more tradable events associated with modeling and/or trading at least one market asset or financial instrument at a financial marketplace. The one or more indicators display a current real-time market value of a tradable event associated with the market asset or financial instrument. Input is received at the GUI from a trader to perform an action associated with the financial curve. In response to receiving the input, the action is initiated and the results are displayed at the GUI.

CROSS-REFERENCES TO RELATED APPLICATIONS

This application is a divisional of U.S. patent application Ser. No.14/537,804 filed Nov. 10, 2014, entitled METHODS, APPARATUS, AND SYSTEMSFOR CURVE TRADING, now U.S. Pat. No. 10,204,379, the entirety of whichis hereby incorporated by reference for all purposes.

BACKGROUND

A financial market (a “market”) is a mechanism that allows people (e.g.,traders) and entities to buy and sell (i.e., trade) financial securities(e.g., stocks and bonds), commodities (e.g., precious metals oragricultural goods), contracts (i.e., a futures contract, such as stockindex future), and other fungible items of value (hereinafter“securities” or “financial instruments”) at prices that reflect supplyand demand. Markets work by placing many interested buyers and sellersin one “place” (e.g., an actual or electronic marketplace), thus makingit easier for market participants to find each other. A trader is amarket participant who buys and sells financial instruments such asstocks, bonds, futures, commodities, options, currencies, swaps, andother financial instruments or derivatives thereof. Trading is thepurchase and sale of financial instruments with the intention ofprofiting from a change in price. Unlike an investor who buys financialinstruments with the goal of selling them after an appreciation in price(usually over the course of a year or more), a trader can make moneywhen the instrument goes up or down in value, and does so over aconsiderably shorter period of time than an investor.

Traders commonly use real-time, raw market data supplied by marketexchanges rather than using delayed (such delays ranging from seconds tominutes, depending on exchange rules) market data that is available forfree. In addition to the real-time, raw market data, some traderspurchase more advanced data feeds that include historical data andfeatures such as scanning large numbers of stocks in the live market forunusual activity. Market data typically contains information useful inshowing recent market transactions and marketplace activities. Forexample, a market instrument, such as an energy futures contract, mayhave an ask price and one or more bid prices to purchase thatinstrument. A bid price is the highest price that a buyer (i.e., bidder)is willing to pay for an instrument. It is usually referred to simply asthe “bid.” The ask price, also called offer price, offer, asking price,or simply ask, is the price a seller states she or he will accept for aninstrument. In bid and ask, the bid price stands in contrast to the askprice or “offer,” and the difference between the two is called thebid/ask spread.

Traders generally reference different timelines or structures (e.g.,term structures) based on the market curve of a particular security(e.g., a debt instrument, such as Treasury debt). For example, a curvetrader can follow a yield curve (i.e., a visual representation of asecurity's yield, such as an interest rate) over a period of time (i.e.,a borrowing period, term, or time to maturity, hereinafter referred toas “maturity”). Each maturity of debt, e.g., a U.S. Treasury bond, isassociated with a respective futures contract. U.S. Treasury debt yieldcurves (e.g., for a U.S. Treasury bond, such as T-bills and T-notes)compare the yield (via, i.e., the y-axis) to one or more respectivethree-month, year, five-year, and 30-year maturities (via, i.e., thex-axis). A yield curve can be displayed on, for example, an x-axis thatdenotes a security's maturity, such as a 1-year, 2-year, 5-year,10-year, or 20-year maturity and a y-axis that denotes the security'syield.

The yield curve structure allows hedgers (e.g., banks and mortgagecompanies) and traders (collectively both referred to herein as“traders”) to hedge and speculate on the movement of interest rates topredict changes in economic output and growth. For example, a trader maybelieve that a 5-year yield will decrease relative to the 10-year yield.Both yields may increase or decrease in the absolute, but the traderbelieves that the 5-year yield will decrease faster or increase slowerthan the 10-year yield. In this example, the trader may buy one or more5-year futures contracts (or the actual cash bonds) and sell one or more10-year futures contracts (or cash bonds). The trader has now placed ayield curve trade.

A time spread curve is a visual representation of a series of contractsor spreads over a period of time (e.g., over the months and/or yearsthat the contract is traded) that can be represented graphically (e.g.,via a series of axes). For example, CME's crude oil futures trade basedon monthly contracts between April 2014 and December 2022, June andDecember 2021, and June and December 2022. Each contract month has adistinct price based on the market's view of supply, demand, shippingcosts, etc. This structure assists traders who desire to lock in a pricefor a delivery at a future date. Traders may trade a series of months orperiods of time and create one or more spreads—for example, buying aJune 2015 crude oil futures contract and selling a June 2016 crude oilfutures contract, or even different product spreads, for example, June2014 heating oil against June 2015 gas oil (and spreads of differentproducts and different spread months, etc.).

BRIEF DESCRIPTION OF THE DRAWINGS

One or more embodiments of the present invention are illustrated by wayof example and not limitation in the figures of the accompanyingdrawings, in which like references indicate similar elements.

FIG. 1 is a block diagram of a basic and suitable computer that mayemploy aspects of the described technology.

FIG. 2 is a block diagram illustrating a simple, yet suitable system inwhich aspects of the described technology may operate in a networkedcomputer environment.

FIGS. 3-5 are examples of graphical user interfaces capable ofimplementing features of the described technology.

FIG. 6 depicts examples of various user gestures that can be used withvarious features of the described technology.

DETAILED DESCRIPTION

Introduced below are methods, devices, and systems (collectively hereinreferred to as “technology”) for providing an interactive graphical userinterface (GUI) that displays an actionable time series curve and/or anactionable yield curve (hereinafter collectively referred to as “curve”or “curves,” unless otherwise described) to facilitate curve trading,based on a trader's direct interaction with one or more of the curves atthe GUI.

A modern trader may use computer software to visualize time spreadcurves and yield curves to search for trends in the marketplace. Thetrader could previously view these markets as a series of dynamic pricesfor each price point via, for example, a grid format, or graphically ona chart with prices/yields plotted across a time series. Each pricepoint represents a point in time where one or more contracts (e.g., afutures contracts), exchange traded products, synthetically generatedproducts, or user defined combination of instruments (e.g., based ontrading preferences and tolerances) can be traded. With the systemdescribed herein, as the market's valuation for a contract changes, atrader can view the price changes at various points along a curve as thecurve moves or flexes (i.e., goes up or down on a grid or discretepoints on the curve move up or down) based on current market valuation,and perform corresponding actions. Traders can study the shape of thecurves because the shape can provide useful information of futureinterest rate change and economic activity, for example, economicgrowth, inflation, and recessions. A trader can then use the knowledgegained from reviewing the curves of these individual instruments to makemarket trades as described below.

The described technology, in general, provides a GUI trading platformfor use by a trader to view and perform actions on financial curves(e.g., yield curves, time series curves, and/or curves on commodities orother products). In some embodiments, the described technology displays,at a GUI, a graph of one or more financial curves having actionableindicators indicative of tradable events (e.g., tradeable or actionablepoints within the GUI) associated with trading at least one market assetat a financial marketplace. The indicators can display an indicativevalue (e.g., price, user-derive price, currency adjusted price, yield,current real-time market value, delayed market value, historical value,etc.) of a tradable event associated with the market asset. Moreover,different financial instruments may have different indicative values orother information that can be displayed to a trader. The system receivesinput from a trader to perform an action associated with the financialcurve (e.g., entering a value for a bid and/or ask price, creating acustomized curve, linking tradable events or portfolios of products forcreating and displaying a spread price, etc.). In response to receivingthe input, the action is initiated and the results are displayed via theGUI.

In one or more embodiments, the described technology provides theability to price and display an optimal curve, for example, by usingnative prices or custom pricing methodologies that allow traders tocreate simulated and/or real market orders. In accordance with variousembodiments, the points on the curve may represent exchange tradedproducts, synthetically generated products, or user-defined instruments.One or more curves may be overlaid on the GUI to, for example, allow atrader to better comprehend relationships and market dynamics. Forexample, a crude oil futures curve can be displayed on the same GUI asanother crude oil futures curves and/or one or more heating oil curves.Displaying multiple curves concomitantly is useful for a trader tovisualize relationships between multiple different market securities(e.g., futures contracts) as market valuations change.

In various embodiments, a curve is actionable in the sense that at eachpoint in time where a contract can be traded in the market (hereinreferred to as a “trade event” or a “tradable event”) as represented byrespective graphic “trade event indicators” along the curve or multiplecurves, the technology can perform a trade-related action (hereinafterreferred to as an “action”), such as, automatically generating bidand/or ask prices, one or more trades, one or more spreads, data topre-load into a local and/or remote auto-spreader, and/or parameters(e.g., variables of an algorithm used by the described technology toinitiate a trade at a local and/or remote automated trading system);setting, initiating, and/or triggering alarms; generating and exportingfinancial data for facilitating a trade at a separate trading platform;causing a trade to be generated; and/or initiating a feature, algorithm,flow, order, display, data input/export, and/or other aspect of thedescribed technology, such as one or more steps that a trader canperform at a financial marketplace. An example of a tradable event alonga 2014 crude oil curve (e.g., a 2014 CME crude oil curve) is, forexample, the ability of a trader to place a market order to trade a May2014 CME crude oil futures contract and/or trade a July 2021 CME crudeoil futures contract. An action for each of these tradable events couldbe selecting the respective trade event indicator on the GUI to, forexample, model, trade and/or facilitation trading one or more of therespective May 2014 and July 2021 futures contract and/or creating oneor more spreads.

A trade event indicator is, in various embodiments, a graphic (e.g., asquare, circle, rectangle, triangle, line, dots, symbol, and/or otherdisplayable graphic or text) that represents a tradable event displayedat a location (i.e., at a position on a screen or grid) approximate tothat tradable event on the curve. The trade event indicator (e.g., thecircle), in some embodiments, is configured to dynamically display thereal-time market value corresponding to the tradable event (e.g., atrade event indicator in the shape of a circle can dynamically andautomatically display the real-time market valuation of a July 2021 CMEcrude oil future contract (i.e., a tradable event)). The trade eventindicator is displayed at a position such that a trader uses little eyemovement to view the curve, the tradable event, and the trade eventindicator. In some embodiments, the real-time market value correspondingto a tradable event is dynamically displayed “inside” the trade eventindicator as the real-time market value flexes (i.e., point in curvegoes up or down in response to change in price or value). Additionallyor alternatively, one or more trade event indicators can display otherindications to emphasize features of the described technology, such asdisplaying colors (e.g., green, yellow, or red) to signal changes tomarket value associated with a tradable event.

In accordance with various embodiments, a trader may be able to lock anysingle event indicator. By locking one of the event indicators presentedon the GUI, the other indicators flex or change position as the relativeprice/net change of an indicator moves from the locked indicator. Inaddition, when multiple curves are presented on the GUI, a user may lockone or more of the curves. As a result, the other curves presented onthe GUI may update (or flex) based on relative price/net change of theindicators on the curves. Similarly, various embodiments allow thetrader to combine (or link) multiple event indicators. The multipleevent indicators may be from multiple products. In response to theselection by the user, this linking can be illustrated on the GUI andresult in a shape being formed (e.g., by the linking of the indicators).From this linking, the GUI can display relative price/net changemovements.

Initiating actions and strategies can be performed automatically by thedescribed technology and/or based on input received from a trader (e.g.,by selecting a graphic on the GUI to make a trade). Actions, in someembodiments, are initiated or caused to be initiated based on theoccurrence of an event, such as the time of the tradable event (i.e.,when the marketplace is allowed to trade a contract, such as trading aTreasury security), a change in a contract's price, etc. In variousembodiments, the described technology is configured to dynamicallygenerate and/or initiate one or more actions (e.g., the creation of aprice spread) by linking together tradable events (e.g., via theirrespective trade event indicators) on a single curve or between multiplecurves. For example, a trader can link two tradable events to create aspread by selecting (e.g., by an input source) a first trade eventindicator corresponding to a first tradable event (e.g., an option tobuy a crude oil futures contract), then selecting (via an input source)a second trade event indicator corresponding to a second tradable event(e.g., a price of an option to sell a heating oil contract). A selectedtrade event can be dragged across the GUI to the other trade eventindicator to automatically display a visual representation of the link(e.g., a line) between the trade event indicators. Additionally oralternatively, one or more keyboard commands (e.g., CTRL-L), mouseclicks, gestures, or other input sources can be used to link tradableevents (e.g., to create a spread). For example, a trader can create aspread price to sell a 5-year Treasury yield and buy a 10-year Treasuryyield by selecting (e.g., via a mouse) the respective trade eventindicators and then pressing “CTRL-L” on a keyboard or making an “L”swipe gesture on the 5-year Treasury yield curve to a trade eventindicator along the 10-year Treasury yield curve. The price of the newspread is automatically determined by the described technology based onreal-time market data (i.e., the spread value is determined based on thedifference between the sell price of the 5-year Treasury at a given timeand the buy price of the 10-year Treasury curve at a given time)adjusted, if desired, by user-defined formulae or offsets.

In some embodiments, the described technology displays the price of anew spread within a spread indicator. Spread indicators are similar totrade event indicators in that spread indicators are one or moregraphics (e.g., a square, circle, rectangle, triangle, line, dots,symbol, and/or other displayable graphic or text) that are configured todynamically display the real-time price of the spread based on thereal-time market valuation. In one or more embodiments, the spreadindicator is displayed at a position on the GUI such that a trader useslittle eye movement to simultaneously view the linked trade eventindicators and the spread indicator; for example, in some embodiments,the spread indicator is on or approximately on a portion of thegraphical indicator (e.g., the line) that visually connects the linkedtrade event indicators. Additionally or alternatively, one or morespread indicators can emphasize various features of the describedtechnology by, for example, displaying colors (e.g., green, yellow, red)and other indicators to signal to a trader changes to market-relateddata, such as a new price of a tradable event.

In various embodiments, the described technology is configured todisplay a price difference (e.g., as a numerical value) betweensuccessive tradable events. For example, if a June 5-year Treasuryfutures contract has a market value of 98.59 and the next month's (i.e.,July's) 5-year Treasury futures contract is 98.53, the describedtechnology can display “−6” on the GUI, e.g., at a location between theJune and July tradable events. In one or more embodiments, pricedifferences are color-coded to provide the trader with a quick andcomprehensive status of market changes between various tradable eventsalong a curve.

In some embodiments, the described technology is programmed and/orprogrammable with one or more actions. For example, standard actions(e.g., buy, sell, create a spread price) may be preprogrammed into thedescribed technology, and other actions (e.g., trader customizations oractions imported from other trading platforms) can be programmed intothe described technology. For example, the trader can create a set ofrules, macros or instructions beforehand that can be automaticallyexecuted following later input by the user.

In one or more embodiments, the described technology is used to createnew or edit existing actions to develop multiple actions as part of astrategy. For example, based on the trader's own analytics, a trader canuse the technology to create his/her own customized curve (e.g., a fairvalue curve) in a portion of the GUI. The trader can cause (e.g., bymaking a selection at the GUI) the described technology to move thecustomized curve to a section of the GUI such that the customized curve(e.g., the fair value crude oil curve) is overlaid other curves in theGUI (e.g., one or more market curves and/or other trader-generatedcurves). The trader can use his/her customized curves as a visual aid tocompare the curve's prices to corresponding tradable events along a realmarket curve (e.g., one or more tradable events along a CME crude oilcurve) and as a basis for creating actions (e.g., creating a spread). Toincrease or decrease prices along the trader's curve, a trader canselect and move, via an input means and/or device (e.g., a mouse ortouch via, e.g., a stylus or a finger, or a gesture) one or more pointsof a customized curve to a new position on the GUI. For example, if atrader believes that a sell price of a November crude oil contract(e.g., a tradable event) is valued lower than its market valuation, thetrader can cause the technology to adjust a corresponding point alongthe customized curve to a position on the GUI that is above the Novembercrude oil contract's market price, i.e., to indicate a price higher thanthe November crude oil contract's market price.

Some embodiments allow for the presentation and visualization ofhistorical prices or other event data. For example, a trader may electto have historical information presented from previous years. Thehistorical information may be real-market pricing from one or moreprevious years that flexes with the current increments. As otherexamples, the historical prices or event data may include informationregarding previous strategies, summaries or statistical informationabout market data, and the like. The visualization of the historicalinformation of may be deemphasized on the GUI to create a ghosting typeof effect. In some embodiments, the visualization may be created withspecified stylistic patterns (e.g., color patterns, line styles, lineweights, etc.) that different from the visualization used to present thecurrent data. These types of visualization techniques allow the traderto easily distinguish between current and historical data. In addition,traders may be able to rewind or fast forward the historical data tomatch similar conditions.

In one example, the described technology implements a queue of multiplepending commands for an order. The queue acts like a “holding pen” foran action or batch of actions as part of a general strategy foraccessing, creating, editing, and/or initiating multiple actions andstrategies. A subset of the queue or the entire queue can be representedas an icon or indicator (e.g., a graphic) on the screen. The trader caninteract with the holding pen to create and/or initiate the execution ofone or more actions or a subset of the actions within the queue.Selecting the queue, or the subset of the queue, can be performed by aninput, such as a gesture that moves the queue/subset to one or moretrade indicators, spread indicators, curves, and/or prices, or byotherwise indicating a desire for the queue/subset to execute (e.g.,selecting a prompt, inputting a voice command, etc.). Selecting the iconor indicator can automatically highlight the instruments on the curvethat will be subject to the order execution, or in certain embodimentscan also highlight existing positions or profit/loss in thoseinstruments, or other user-defined information. Optionally, a separateconfirmation may be required before the actions associated with thequeue/subset are executed.

The queue of actions can be created and/or manipulated using variousprogrammatic methods such as manually inputting commands into thedescribed technology (e.g., via a mouse, touch or gesture) and/or movinglocal and/or remotely defined predefined objects into the queue. Forexample, a trader can select, various predefined objects imported from aseparate trading platform into the holding pen. Each object has anassociated command, e.g., “determine a spread price for X futurescontract and Y futures contract” and various conditional statements(e.g., “if,” “then,” etc.). Using a touch screen or a mouse, forexample, the trader can manipulate the position of the objects withinthe queue to reorder when and/or how a particular action will execute.Simple to complex strategies can be created in a queue, and multipledifferent queues can be created for various scenarios. Each queue can beassociated with a customizable keyboard shortcut and/or gesture, suchthat when a keyboard shortcut and/or gesture is performed, thecorresponding queue executes. Queues can be made on the fly, saved forlater use, augmented, and/or shared between different trading platforms.

In one or more embodiments, in response to initiating an action (orstrategy) and/or in response to a market update, the describedtechnology automatically displays and/or updates (e.g., at one or moreaxes of a two-dimensional grid and/or a real or pseudo three-dimensionalperspective, such as a topographical map, heat map, or surface chart) atrade event indicator to provide a trader a fast visualization of pricechanges along a curve as the curve flexes with the changes to thecurrent market valuation.

The following description provides specific details for a thoroughunderstanding and enabling description of these embodiments. One skilledin the art will understand, however, that the described technology maybe practiced without many of these details. Additionally, somewell-known structures or functions may not be shown or described indetail, so as to avoid unnecessarily obscuring the relevant descriptionof the various embodiments.

Certain details are set forth in the following description and in FIGS.1-6 to provide a thorough understanding of various embodiments of thedisclosure. Other well-known structures and systems often associatedwith electronic trading systems have not been shown or described indetail below to avoid unnecessarily obscuring the descriptions of thevarious embodiments of the disclosure. Additionally, a person ofordinary skill in the relevant art will understand that the disclosuremay have additional embodiments that may be practiced without several ofthe details described below. In other instances, those of ordinary skillin the relevant art will appreciate that the methods and systemsdescribed can include additional details without departing from thespirit or scope of the disclosed embodiments.

Many of the details, dimensions, functions and other features shown anddescribed in conjunction with the Figures are merely illustrative ofparticular embodiments of the disclosure. Accordingly, other embodimentscan have other details, dimensions, functions and features withoutdeparting from the spirit or scope of the present disclosure. Inaddition, those of ordinary skill in the art will appreciate thatfurther embodiments of the disclosure can be practiced without severalof the details described below.

The terminology used in the description presented below is intended tobe interpreted in its broadest reasonable manner, even though it isbeing used in conjunction with a detailed description of certainspecific embodiments of the technology. Certain terms may even beemphasized below; however, any terminology intended to be interpreted inany restricted manner will be overtly and specifically defined as suchin this Detailed Description section.

The techniques introduced below can be implemented by programmablecircuitry programmed or configured by software and/or firmware, orentirely by special-purpose circuitry, or in a combination of suchforms. Such special-purpose circuitry (if any) can be in the form of,for example, one or more application-specific integrated circuits(ASICs), programmable logic devices (PLDs), field-programmable gatearrays (FPGAs), etc.

FIG. 1 and the following discussion provide a brief, general descriptionof a suitable computing environment in which aspects of the describedtechnology can be implemented. Although not required, aspects of thetechnology may be described herein in the general context ofcomputer-executable instructions, such as routines executed by ageneral- or special-purpose data processing device (e.g., a server orclient computer). Aspects of the technology described herein may bestored or distributed on tangible computer-readable media, includingmagnetically or optically readable computer discs, hard-wired orpreprogrammed chips (e.g., EEPROM semiconductor chips), nanotechnologymemory, biological memory, or other data storage media. Alternatively,computer-implemented instructions, data structures, screen displays, andother data related to the technology may be distributed over theInternet or over other networks (including wireless networks) on apropagated signal on a propagation medium (e.g., an electromagneticwave, a sound wave, etc.) over a period of time. In someimplementations, the data may be provided on any analog or digitalnetwork (packet switched, circuit switched, or other scheme).

The described technology can also be practiced in distributed computingenvironments where tasks or modules are performed by remote processingdevices, which are linked through a communications network, such as aLocal Area Network (LAN), Wide Area Network (WAN), or the Internet. In adistributed computing environment, program modules or subroutines may belocated in both local and remote memory storage devices. Those skilledin the relevant art will recognize that portions of the describedtechnology may reside on a server computer, while corresponding portionsreside on a client computer (e.g., PC, mobile computer, tablet, or smartphone). Data structures and transmission of data particular to aspectsof the technology are also encompassed within the scope of the describedtechnology.

Referring to FIG. 1, the described technology employs a computer 100,such as a personal computer or workstation, having one or moreprocessors 101 coupled to one or more user input devices 102 and datastorage devices 104. The computer 100 is also coupled to at least oneoutput device such as a display device 106 and one or more optionaladditional output devices 108 (e.g., printer, plotter, speakers, tactileor olfactory output devices, etc.). The computer 100 may be coupled toexternal computers, such as via an optional network connection 110, awireless transceiver 112, or both.

The input devices 102 may include a keyboard, a pointing device such asa mouse, and technology for receiving human voice, touch, and/or sight(e.g., a microphone, a touch screen, and/or smart glasses). Other inputdevices are possible such as a joystick, pen, game pad, scanner, digitalcamera, video camera, and the like. The data storage devices 104 mayinclude any type of computer-readable media that can store dataaccessible by the computer 100, such as magnetic hard and floppy diskdrives, optical disk drives, magnetic cassettes, tape drives, flashmemory cards, digital video disks (DVDs), Bernoulli cartridges, RAMs,ROMs, smart cards, etc. Indeed, any medium for storing or transmittingcomputer-readable instructions and data may be employed, including aconnection port to or node on a network, such as a LAN, WAN, or theInternet (not shown in FIG. 1).

Aspects of the described technology may be practiced in a variety ofother computing environments. For example, referring to FIG. 2, adistributed computing environment with a network interface includes oneor more user computers 202 (e.g., mobile devices) in a system 200, eachof which includes a graphical user interface (GUI) program component(e.g., a thin client component) 204 that permits the computer to accessand exchange data, such as market data, with a network 206 such as a LANor the Internet, including web sites, ftp sites, live feeds, and datarepositories within a portion of the network 206. The user computers 202may be substantially similar to the computer described above withrespect to FIG. 1. The user computers 202 may be personal computers(PCs) or mobile devices, such as laptops, mobile phones, or tablets. Theuser computers 202 may connect to the network 206 wirelessly or throughthe use of a wired connection. Wireless connectivity may include anyforms of wireless technology, such as a radio access technology used inwireless LANs or mobile standards such as 2G/3G/4G/LTE. The usercomputers 202 may include other program components, such as a filtercomponent, an operating system, one or more application programs (e.g.,word processing applications, spreadsheet applications, orInternet-enabled applications), and the like. The user computers 202 maybe general-purpose devices that can be programmed to run various typesof applications, or they may be single-purpose devices optimized orlimited to a particular function or class of functions. Moreimportantly, any application program for providing a graphical userinterface to users may be employed, as described in detail below. Forexample, a mobile application or “app” has been contemplated, such asone used in Apple's° iPhone® or iPad® products, Microsoft® products,Nokia® products, or Android®-based products.

At least one server computer 208, coupled to the network 206, performssome or all of the functions for receiving, routing, and storing ofelectronic messages, such as market data, web pages, audio signals, andelectronic images. While the Internet is shown, a private network, suchas an intranet, may be preferred in some applications. The network mayhave a client-server architecture, in which a computer is dedicated toserving other client computers, or it may have other architectures, suchas a peer-to-peer, in which one or more computers serve simultaneouslyas servers and clients. A database or databases 210, coupled to theserver computer(s), store some content (e.g., market data) exchangedbetween the user computers; however, content may be stored in a flat orsemi-structured file that is local to or remote of the server computer208. The server computer(s), including the database(s), may employsecurity measures to inhibit malicious attacks on the system and topreserve the integrity of the messages and data stored therein (e.g.,firewall systems, secure socket layers (SSL), password protectionschemes, encryption, and the like).

The server computer 208 may include a server engine 212, a webmanagement component 214, a content management component 216, and adatabase management component 218. The server engine 212 performs basicprocessing and operating system level tasks. The web managementcomponent 214 handles creation, streaming, or routing of market data.Users may access the server computer 208 by means of a network pathassociated therewith. The content management component 216 handlesprocesses and technologies that support the collection, managing, andpublishing of financial data and information, and other data. Thedatabase management component 218 includes storage and retrieval taskswith respect to the database, queries to the database, and storage ofdata. In some embodiments, multiple server computers 208 each having oneor more of the components 212-218 may be utilized. In general, the usercomputer 202 receives data input by the user and transmits such inputdata to the server computer 208. The server computer 208 then queriesthe database 210, retrieves requested pages, performs computationsand/or provides output data back to the user computer 202, typically forvisual display to the user.

FIG. 3 is a graphical user interface (GUI) 300 capable of implementingfeatures of the described technology. GUI 300 contains component blocks(“components”) 302 and 310. Component 302 displays information, such astime series information 303-314 and/or yield information (not shown)(e.g., at one or more axes of a multidimensional grid, graph, chart,topographical map, or heat map, having a real or pseudothree-dimensional perspective) for displaying time series and/or yieldcurves. As a non-limiting example, component 302 displays time seriesinformation 303-314 on a two-dimensional graph (i.e., about a price axis303 b and a time axis 303 a with time increments t₁-t_(n)) fordisplaying a time series curve (“curve”) 307 (also generically referredto as a market curve 307). Market curve 307 includes and/or isassociated with trade event indicators 304 a-304 n and price differencevalues 306 a-306 n, as described below. While only one curve isillustrated in FIG. 3, various embodiments allow for multiple curves tobe simultaneously presented to the trader. While market curve 307illustrated in FIG. 3 has straight lines connecting adjacent trade eventindicators, market curve 307 may be generated using a variety ofinterpolation techniques such as, but not limited to linearinterpolation, cubic interpolation, spline interpolation, etc. Inaddition, the resulting curve may ultimately take many forms such asbending curves, smooth curves, zig-zag formations, parabolic curves, andother formations as the curve connects the trade event indicators 304a-304 n. Market curve 307 is a graphical representation of a financialasset's, e.g., a futures contract's, price at different times. Marketcurve 307 displays the real-time price of the represented financialasset in the market. The described technology, in various embodiments,dynamically updates (i.e., flexes up or down) the market curve 307 inresponse to changes of price for the financial asset. For example, ifmarket curve 307 represents a CME oil futures contract that lost valueat time t₂ (e.g., July 2014), the market curve 307 (i.e., the tradeevent indicator 304 c, as described below) dynamically moves from itsprevious price (e.g., 95.38) to a new price along the price axis 303 b.Other portions of the curves (i.e., other trade event indicators 304a-304 n) can, in some embodiments, independently, simultaneously, and/ordynamically adjust on GUI 300 to reflect corresponding real-time marketchanges.

Trade event indicators 304 a-304 n, in one or more embodiments, aregraphics (e.g., shapes, such as circles, squares, rectangles, points,etc.) displayed at respective times t₁-t_(n) along market curve 307,where each time t₁-t_(n) represents a time that an action (as describedabove, e.g., facilitating an order to buy, sell, or determining a spreadprice for a financial asset) can be performed in the market for thefinancial asset, for example, a crude oil and/or heating oil contract(and/or other financial asset) represented by market curve 307. Tradeevent indicators 304 a-304 n provide a trader an up-to-date, fastvisualization of the real-time value of the financial asset and are eachindependently, simultaneously, and/or dynamically adjusted along marketcurve 307 and about GUI 300 to reflect real-time price changes inmarket.

In one or more embodiments, each trade event indicator 304 a-304 ndynamically displays, for example, within the graphic, the price of thereal-time market value of the representative financial asset, forexample, a futures contract, such as an oil or treasury contract. Forexample, if trade event indicator 304 b is, for example, a circle, thereal-time market value of the price of the representative asset (e.g., afutures contract) at that point in time (i.e., t₁) is dynamicallydisplayed within or proximate to the circle. The dynamic display of theprice within (or at a location proximate to) the trade event indicator(e.g., a circle) is, in various embodiments, combined with the flexingof the curve (as described above), such that as the real-time marketchanges, the curve flexing and price display occur substantiallysimultaneously. The combination of curve flexing and dynamic real-timedisplay of pricing provide a trader multiple methods of visualizing alive market in a single GUI to aid the trader to quickly and efficientlyunderstand market activity for making informed financial decisions.

Price difference values 306 a-306 n, in some embodiments, display thedifference in price values between sequential tradable events 304 a-304n. For example, the difference in value between 95.06, which isdisplayed at trade event indicator 304 a, and 95.30, which is displayedat trade event indicator 304 b, is 0.24, which can be expressed as awhole number (e.g., 24) and include an indicator (i.e., + or −) toindicate a price gain or a price loss (i.e., 24 is a price gain that canbe expressed as +24 306 a, and −6 306 d is a loss in value between atradable event at t₃ (i.e., trade event indicator 304 d) and tradableevent at t₄ (i.e., trade event indicator 304 e)). Price differencevalues (i.e., +24 306 a, +8 306 b, +21 306 c, −6 306 d, +32 306 e, 0 306f, and n 306 n) provide to a trader a quick perspective of changes inmarket activity that affect sections of a curve (e.g., market curve307).

Flex indicators 314 a-314 n, in one or more embodiments, are text orgraphics (e.g., shapes, such as squares, circles, rectangles, points,etc.) displayed on each side of respective times t₁-t_(n) along marketcurve 307 (i.e., a first section of 314 a is depicted as small squareson the left side of t1 and a second section of 314 a is depicted assmall squares on the right of t1). Each flex indicator 314 a-314 n canbe selected (e.g., via an input device) to perform one or more options.For example, if the first section of flexible indicator 314 a isselected, the technology can toggle the display of price differencevalue 306 a (i.e., +24) at the GUI.

In some embodiments, flex indicators 314 a-314 n are movable aboutcomponent 302 to, for example, affect a trade, set an alarm, display anindicator, and/or initiate an action. For example, if the second sectionof flexible indicator 314 a (i.e., the three squares to the right of t2)is selected (e.g., via a mouse or finger) and dragged to the right, anew value (e.g., 95.42 (not shown)) corresponding to the trader eventindicator 304 c value 95.38 can be used as the basis of a visual (e.g.,as a graphic indicator displayed at the GUI) and/or audible alarm. Forexample, the new value 95.42 can be the basis of an alarm such that if95.38 increases to the new value 95.42, a visual and/or audible alarmcan alert the trader to make a trade or perform an action. This can beuseful because it allows the trader to multitask without missingimportant market activities.

Holding pen component 310 includes one or more graphics 312 a-312 n thatrepresent an action (as described above) or combination of actions(i.e., a strategy) for trading and/or modeling a trade based on marketcurve 307. Strategies 312 a-312 n are, in some embodiments, programmedand/or programmable by a trader to create customized scenarios based onproperties of market curve 307, such as changes to prices at varioustradable events indicated by their respective trade event indicators 304a-304 n. Some actions can include, for example, modeling, facilitatingtrading determining a spread price, and/or setting an alarm (e.g.,visual and/or auditory) for a futures contract when its value reaches acertain price threshold. As further described below, an action can be,in one or more embodiments, calculating a spread price between multipletradable events (i.e., via their respective indicators in the GUI 300).In some embodiments, one or more algorithms, actions, trade-relatedtechniques, and/or strategies can be imported from other tradingenvironments and displayed as one or more strategies 312 a-312 n thatare actionable by a trader for performing at GUI 300. A trader canselect one of more of the strategies 312 a-312 n based on an inputdevice, such as a mouse, physical contact (e.g., finger, gesture, etc.),or other means.

In accordance with various embodiments, a trader may be able to lock anysingle trade event indicator 304 a-304 n. The position of the lockedindicator is fixed within GUI 300 (e.g., the x position and the yposition). For example, in some embodiments a trader may click on tradeevent indicator 304 a which would become fixed in position on GUI 300.The other trade event indicators flex, or change position on the GUI, asthe relative price/net change of an indicator moves from the lockedindicator. The numerical representation of the real-time value of thefinancial asset presented in the trade event indicator will update,(e.g., change from 95.06 to 95.07). The position on the lock trade eventindicator will not change. The other trade event indicators will onlychange position if there is a corresponding relative change. Forexample, if trade event indicator 304 a was locked at 95.06 and thenmoved to 95.07, trade event indicator 304 a would be updated with thenew value but not move on GUI 300. If trade event indicator 304 b movedto 95.31, then there would be no visual change (as the relativedifference did not change) on GUI 300. If trade event indicator 304 bmoved to 95.32, then there would have been relative change causing theplacement of trade event indicator 304 b on GUI 300 to be updated.

In addition, when multiple curves are presented on GUI 300, a user maylock the position of one or more of the curves on GUI 300. As a result,the other curves presented on the GUI may update (or flex) based onrelative price/net change of the indicators on the curves. Similarly,various embodiments allow the trader to combine (or link) multiple eventindicators. The multiple event indicators may be from multiple products.In response to the selection by the user, this linking can beillustrated on GUI 300 and result in a shape being formed (e.g., by thelinking of the indicators). From this linking, GUI 300 can displayrelative price/net change movements.

In some embodiments, the trader can also add additional vertical axes toGUI 300. These additional axes may be the reference to which the eventindicator, curve, etc. is locked with respect to. In addition, whileFIG. 3 illustrates a two-dimensional representation, other embodimentsallow for a three-dimensional view. The three-dimensional view may bebased on another analytic coupled to that point in time. Examples of theadditional analytics include, but are not limited to, prices ofcorrelated instruments, trading volumes, and the like. In someembodiments, additional information may be presented on the GUI. Forexample, the opening price in the market may be displayed. As anotherexample, an indicator (e.g., an arrow) may be presented on the GUI toshow movement since the opening of a selected, or marked, time

FIG. 4 is a graphical user interface (GUI) 400 capable of implementingfeatures of the described technology. GUI 400 is similar to GUI 300; forexample, GUI 400 includes components 302 and 310. GUI 400 additionallyincludes component 406. Component 406 (hereinafter referred to as curvecreator 406) contains technology for a trader to create a customizedcurve 402 based on the trader's own analytics. Curve creator 406includes component 410 and component 412. Components 410 and 412, insome embodiments, are indicators (e.g., icons, text, and/or graphics,such as a button) that, when selected, provide an environment for atrader to define attributes (i.e., to define a curve via Define Curveindicator/button 410) of an existing and/or new curve (e.g., customizedcurve 402) and display the curve (i.e., via the Show Curveindicator/button 412) at component 302, respectively. For example, atrader can interact with the curve creator 406 to create a fair valuecurve (e.g., customized curve 402) to model the trader's expectations ofhow the market will value an actual market financial asset over time(e.g., a CME crude oil futures curve over the course of 2021). Invarious embodiments, a trader defines attributes of a customized curve402 by selecting (e.g., via an input device, such as those describedabove) the Define Curve indicator 410. In various embodiments, curvecreator 406 displays one or more trade event indicators 403 a-403 n forentering values (e.g., fair market prices) 405 a-405 n (e.g., the traderenters his/her fair market values based on his/her valuation of tradableevents along the 2021 CME crude oil futures curve). Similar to pricedifference values 306 a-306 n, in some embodiments, price differences404 a-404 n display the difference in price values between sequentialtradable events 403 a-403 n (e.g., +10.8 404 a is the difference inprice between 68.1 displayed in trade event indicator 403 b and 67.02displayed in trade event indicator 403 a) to provide a quick perspectiveof changes in market activity that affect sections of a curve (e.g.,customized curve 402).

In one or more embodiments, values 405 a-405 n can be dynamicallydetermined by manually manipulating respective trade event indicators403 a-403 n. For example, using the described technology, a trader candrag (e.g., via an input device, such as those described above) a tradeevent indicator (e.g., trade event indicator 403 b) up and/or down thecurve creator 406 to dynamically display a new price within the tradeevent indicator. For example, value “68.1” 405 b of trade eventindicator 403 b can be increased to a new value (not shown) by moving(e.g., via a mouse, keyboard, or touch) trade event indicator 403 bupwards.

In some embodiments, when the Show Curve indicator 412 is selected, acustomized curve (i.e., customized curve 402) is displayed in component406 such that the customized curve 402 is overlaid on the same graph asmarket curve 307 and/or other curves (not shown). As described above forFIG. 3, in one or more embodiments, one or more of the strategies 312a-312 n are configured to define one or more actions for customizedcurve 402, e.g., creating alarms, creating spread prices, and formingtrades. Actions are not limited to a single curve (e.g., customizedcurve 402); in various embodiments, actions can be based on multiplecurves (e.g., customized curve 402 and market curve 307). For example, atrader can create a strategy 312 a that, when initiated, causes thedescribed technology to facilitate an order to buy a crude oil futurescontract at a price 68.1 (e.g., as represented by trade event indicatorevent 403 b) when the real-time price of a crude oil (e.g., asrepresented by trade event indicator 304 c) moves from 95.38 to 97.01.As further described below, other actions (e.g., creating spread prices)are based on one or more aspects of multiple curves.

FIG. 5 is a graphical user interface (GUI) 500 capable of implementingfeatures of the described technology. GUI 500 is similar to GUI 400; forexample, GUI 500 includes market curve 307, customized curve 402, andcomponents 302, 310, and 406. Component 302 additionally includes asecond curve (e.g., a second market curve or a second customized curve)502 and component 510 and component 512. As a non-limiting example,second curve 502 is hereinafter referred to as second market curve 502.Second market curve 502 is similar to market curve 307 and customizedcurve 402 in that second market curve 502 includes trade eventindicators 504 a-504 n, each of which dynamically displays prices (e.g.,spread prices 505 a-505 n), but typically all for different securitiesor instruments.

Component 510 (hereinafter referred to as Link component or button 510)and component 512 (hereinafter referred to as Break component or button512), in some embodiments, are indicators (e.g., icons, text, and/orgraphics, such as a button) that, when selected, provide technology fora trader to link tradable events (i.e., by selecting Link component 510)and break (i.e., disassociate) linked actions (i.e., by selecting Breakcomponent 512). For example, a trader can link multiple tradable events(i.e., via their respective trade event indicators 504 a-504 n) tocreate one or more actions based on the linked tradable events, such asgenerating a spread price 509 a-509 n based on the prices displayedwithin the respective linked trade event indicators 504 a-504 n. Spreadprices 509 a-509 n are automatically and dynamically displayed based onthe real-time value of the respective linked tradable events. Forexample, if an oil futures contract trade event is linked to a coalfutures contract trade event, a spread price 509 a-509 n can bedetermined by the described technology based on the current marketvalues of the futures contract.

As the market valuation of the futures contract changes, the spreadprices are automatically updated. A line, dash, dots, or other visuallink representation 506 a-506 n of linked tradable events, in someembodiments, is displayed in response to creating a link. For example, atrader can select two trade event indicators, for example, 304 c and 304e, and select the Link component 510 (and/or other input means, such asa gesture), and the described technology will display a visual linkrepresentation 506 a. In some embodiments, the trader may lock in theshape created by the links. In various embodiments, different sizes,colors, and other attributes can be configured to respond to one or moreevents (e.g., market valuation, a threshold bid/ask price beingexceeded, etc.) so that the events will trigger a behavior of visuallink representation 506 a-506 n behavior (e.g., flashing, dynamicallychanging colors, appearing to have movement, etc.).

In some embodiments, tradable events 504 a-504 n are linked betweentrade event indicators on a single curve (e.g., between trade eventindicator 304 c and trade event indicator 304 e on market curve 307;between trade event indicator 504 n on second market curve 502, andbetween trade event indicator 403 n of customized curve 402), and inother embodiments tradable events 504 a-504 n are linked betweendifferent curves (e.g., between trade event indicator 304 f on marketcurve 307 and trade event indicator 504 g on second market curve 502).In some embodiments a single trade event indicator is linkable tomultiple trade event indicators (e.g., trade event indicator 304 e onmarket curve 307 is linked to trade event indicator 403 d, 504 d, and504 f). In response to the creation of a linked event, in variousembodiments, a spread price (e.g., 509 a) is determined by the describedtechnology, e.g., based on the real-time market value (e.g., asdynamically displayed at the two selected trade event indicators (e.g.,304 c and 304 e)). In one or more embodiments, spread prices 505 a-505 nare dynamically displayed in (or in proximity to) spread priceindicators 508 a-508 n, which are indicators similar to trade eventindicators 304 a-304 n, 403 a-403 n, and/or 504 a-504 n and aredisplayed in a variety of shapes and sizes (i.e., square priceindicators 508 a, 508 e, and 508 n, circle price indicator 508 b, andtriangle price indicator 508 c). However, in some embodiments a spreadprice (e.g., 6.3 509 d) is not associated with a spread price indicator508 a-508 n.

In various embodiments, the GUI may allow the linked trade eventindicates to be presented in a second screen (not shown) or for thenon-linked trade event indicators to be removed, hidden, ordeemphasized. For example, the trader may create a gesture or keyboardcombo (e.g., control ‘a’) to open a new screen with only the linkedtrade event indicators. This creates a clone of the linked trade eventindicators. In some embodiments, a trade may select only a portion ofthe polygon created by the linked trade event indicators. For example,the trade may select, or grab, different points and pull them out toshow fair value or generate a reversion. In accordance with someembodiments, these trade event indicators may be associated withinstructions to buy or sell upon reaching a desired point. In some case,when a new window is opened the one or more trading strategies may belaunched automatically. Event triggers from various services may also beused to trigger cloning of the linked event indicators in variousembodiments.

FIG. 6 depicts various user gestures 600 that can be used with variousfeatures of the described technology, such as use of the describedtechnology with a touch screen device (e.g., a tablet computer).Gestures 602 a and 602 b are straight slide gestures that slide from topto bottom 602 a and bottom to top 602 b. Gestures 604 a and 604 b are apinch-to-zoom gesture 604 a and zoom-out gesture 604 b, respectively.Gestures 606 a and 606 b are circular gestures in different directions.Gestures 608 a and 608 b are gestures that implement an “L” and “┐”,respectively. Gestures 610 a and 610 b implement “<” and “>”,respectively. Other gestures have been contemplated, such as using acombination of gestures simultaneously.

Any gesture 602 a-610 b, other gesture (not shown), or combination ofgestures can be configured to interact with GUIs 300, 400, and 500. Asdescribed herein, gestures can be used for many aspects of the describedtechnology to initiate various commands, such as moving and interactingwith components 302, 310, and 406; curves 307, 402 and 502; trade eventindicators 304 a-304 n, 403 a-403 n, and 504 a-504 n; and/or spreadprice indicators 508 a-508 n. In various embodiments, gestures can beused for entering values (e.g., prices), linking/breaking spreads;defining and showing curves; creating/editing strategies 312 a-312 n andcustomized curves 402; and/or zooming in and out of components 302, 310,and 406, etc. A gesture can be position-specific such that if it is madeon one area of components 302, 310, and/or 406 a first command isgenerated or if made on another part of components 302, 310, and/or 406a second command is generated, as described above. For example, gestures608 a and 608 b when made in component 302 can be configured toautomatically link or break tradable events, respectively; however, whengesture 608 a is made in component 406, it may create a strategy (e.g.,strategy 312 b) to, for example, expert trading data to a separatetrading platform when a different futures contract falls in value.

CONCLUSION

In general, the detailed description of embodiments of the describedtechnology is not intended to be exhaustive or to limit the technologyto the precise form disclosed above. While specific embodiments of, andexamples for, the technology are described above for illustrativepurposes, various equivalent modifications are possible within the scopeof the described technology, as those skilled in the relevant art willrecognize. For example, while processes or blocks are presented in agiven order, alternative embodiments may perform routines having steps,or employ systems having blocks, in a different order, and someprocesses or blocks may be deleted, moved, added, subdivided, combined,and/or modified. Each of these processes or blocks may be implemented ina variety of different ways. Also, while processes or blocks are attimes shown as being performed in series, these processes or blocks mayinstead be performed in parallel, or may be performed at differenttimes.

The teachings of the described technology provided herein can be appliedto other systems, not necessarily the system described herein. Theelements and acts of the various embodiments described herein can becombined to provide further embodiments.

The techniques introduced above can be implemented by programmablecircuitry programmed or configured by software and/or firmware, orentirely by special-purpose circuitry, or in a combination of suchforms. Such special-purpose circuitry (if any) can be in the form of,for example, one or more application-specific integrated circuits(ASICs), programmable logic devices (PLDs), field-programmable gatearrays (FPGAs), etc.

Software or firmware for implementing the techniques introduced here maybe stored on a machine-readable storage medium and may be executed byone or more general-purpose or special-purpose programmablemicroprocessors. A “machine-readable medium”, as the term is usedherein, includes any mechanism that can store information in a formaccessible by a machine (a machine may be, for example, a computer,network device, cellular phone, personal digital assistant (PDA),manufacturing tool, any device with one or more processors, etc.). Forexample, a machine-accessible medium includes recordable/non-recordablemedia (e.g., read-only memory (ROM); random access memory (RAM);magnetic disk storage media; optical storage media; flash memorydevices; etc.).

The term “logic,” as used herein, can include, for example,special-purpose hardwired circuitry, software and/or firmware inconjunction with programmable circuitry, or a combination thereof.

These and other changes can be made to the described technology in lightof the above Detailed Description. While the above description detailscertain embodiments of the technology and describes the best modecontemplated, no matter how detailed the above appears in text, thedescribed technology can be practiced in many ways. The describedtechnology may vary considerably in its implementation details, whilestill being encompassed by the technology disclosed herein. As notedabove, particular terminology used when describing certain features oraspects of the described technology should not be taken to imply thatthe terminology is being redefined herein to be restricted to anyspecific characteristics, features, or aspects of the technology withwhich that terminology is associated. In general, the terms used in thefollowing claims should not be construed to limit the describedtechnology to the specific embodiments disclosed in the specification,unless the above Detailed Description section explicitly defines suchterms. Accordingly, the actual scope of the described technologyencompasses not only the disclosed embodiments, but also all equivalentways of practicing or implementing the described technology.

To reduce the number of claims, certain aspects of the invention arepresented below in certain claim forms, but the applicant contemplatesthe various aspects of the invention in any number of claim forms. Forexample, while only one aspect of the invention is recited as ameans-plus-function claim under 35 U.S.C § 112, ¶6, other aspects maylikewise be embodied as a means-plus-function claim, or in other forms,such as being embodied in a computer-readable medium. (Any claimsintended to be treated under 35 U.S.C. § 112, ¶6 will begin with thewords “means for,” but use of the term “for” in any other context is notintended to invoke treatment under 35 U.S.C. § 112, ¶6.) Accordingly,the applicant reserves the right to pursue additional claims afterfiling this application to pursue such additional claim forms, in eitherthis application or in a continuing application.

We claim:
 1. A system for trading financial instruments comprising: adisplay device operable to display a graphical user interface; aprocessor in communication with the display device and operable toexecute instructions stored in a memory; the memory having processorexecutable instructions, wherein the processor executable instructionscause the processor to communicate display data to the display device tocause a graphical user interface to be displayed on the display device,wherein the graphical user interface comprises a first component tovisualize a financial curve having multiple indicators indicative oftradable events associated with trading a financial instrument, whereineach of the multiple indicators displays a market value of a respectivetradable event associated with the financial instrument; and theprocessor executable instructions further causing the processor toupdate the multiple indicators as market information is received.
 2. Thesystem of claim 1, further comprising a network interface, and whereinthe processor executable instructions further cause the processor to:determine an order price and an order quantity based on a command from atrader; and place, using the network interface, an order based on theorder price and order quantity to an electronic exchange.
 3. The systemof claim 1, wherein the graphical user interface comprises a secondcomponent that includes programmed strategies for trading the financialinstrument.
 4. The system of claim 1, wherein in response to receiving arequest from a trader, creating a visual link between two or more of themultiple indicators within the first component of the graphical userinterface.
 5. The system of claim 4, wherein in response to receiving arequest to clone two or more indicators which have been linked, openinga second component in the graphical user interface with a cloned versionof the two or more indicators that have been linked.
 6. The system ofclaim 1, wherein a historical financial curve is presented in the firstcomponent having a second plurality of indicators based on historicaldata, wherein the historical curve is contrasted against the financialcurve.
 7. The system of claim 1, wherein the financial curve displaysrelative prices between each of the multiple indicators.
 8. The systemof claim 1, wherein the financial curve is a first financial curve andthe first component includes a second financial curve having a secondplurality of indicators indicative of tradable events associated withtrading a second financial instrument.
 9. The system of claim 1, whereinthe first component includes a movement indicator to show movement ofthe financial instrument since market opening or a selected time.
 10. Acomputer-readable medium, excluding transitory propagating signals, andstoring instructions that when executed by one or more processors causethe one or more processors to: display at a graphical user interface(GUI) a plot of one or more indicators indicative of one or moretradable events associated with trading a financial instrument throughan electronic marketplace, wherein each of the one or more indicatorsdisplays an indicative value of a respective tradable event associatedwith the financial instrument, and wherein at least one of the one ormore indicators is actionable; monitor for an input from a trader toperform an action associated with the financial curve, wherein the inputcorresponds to a location on the GUI that is proximate to at least oneof the one or more indicators; in response to receiving the input,perform the action; and display the results of the action at a locationat the GUI.
 11. The computer-readable medium of claim 10, wherein theaction includes trading the market asset, creating or determining aspread price, linking two or more indicators, or locking at least one ofthe multiple indicators in a position on the GUI.
 12. Thecomputer-readable medium of claim 10, wherein the instructions whenexecuted by the one or more processors further cause the one or moreprocessors to: monitor for a request from the trader to clone two ormore indicators that have been linked; and open, in response todetecting the request, a component in the GUI with a cloned version ofthe two or more indicators that have been linked.
 13. Thecomputer-readable medium of claim 10, wherein the action includeslocking one of the multiple indicators on the GUI and the instructionswhen executed by the one or more processors further cause the one ormore processors to update locations of any of the multiple indicatorsthat have not been locked based on relative changes to the one of themultiple indicators that has been locked.
 14. The computer-readablemedium of claim 10, wherein the instructions when executed by the one ormore processors further cause the one or more processors to compute anddisplay relative prices between each of the multiple indicators.
 15. Asystem comprising: means for displaying at a graphical user interface(GUI) a graph of at least a first curve defined by an underlyinginstrument with multiple maturity or delivery dates, wherein the graphincludes displayed indicators associated with the multiple maturity ordelivery dates of the underlying instrument, wherein each of thedisplayed indicators is positioned on the GUI in accordance with anindicative value and maturity or delivery date to form the curve; andwherein between two or more displayed indicators a spread price isdisplayed; means for receiving an input from a trader to perform anaction associated with the curve, wherein the input corresponds to alocation on the GUI that is proximate to at least one of the displayedindicators; means for performing the action; and means for displayingthe results of the action at a location at the GUI.
 16. The system ofclaim 15, wherein the action includes linking two or more indicators andthe system further includes: means for cloning the two or moreindicators that have been linked in a window associated with the GUI;and means for computing and displaying relative prices between each ofthe two or more indicators.